Market Overview

NASDAQ Closes At All-Time High

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NASDAQ Closes At All-Time High

What Happened: The NASDAQ has seen the quickest recovery from the early 2020 market downturn. Much of the momentum in the market today continued from last week's news. On Friday, investors saw a big surprise in job growth and unemployment numbers for the month of May.

As a result, many investors' attitudes have begun to pivot as they start to price in a strong recovery.

Today, the Nasdaq closed at a high of 9,924.74.

The Big Movers: Electric car company Tesla Inc (NASDAQ: TSLA) saw some eye-popping numbers, having sold 11,095 Model 3 vehicles in China last month. This is a sharp improvement from the previous month of April where 3,635 vehicles were sold. The sales growth also topped March's 10,160 vehicles.

Consumer staples company Kraft Heinz (NASDAQ: KHC) saw its share price pop more than 4% after Morgan Stanley raised its price target by $2 to $30. KHC's most recent quarterly earnings saw just under $1 billion of profit.

Semiconductor company Qualcomm (NASDAQ: QCOM) continued its strong move from last week. The stock rose more than 3% after Rosenblatt Securities initiated Qualcomm with a Buy rating and a price target of $105. With 5G on the horizon, Cassidy said Qualcomm has a lot of potential.

Related Links:

RBC Lifts Amazon Price Target To Street-High $3,300, Says It's 'Best Global Play' On E-Commerce

Highlights From Stanley Druckenmiller's CNBC Interview: Coronavirus 'Casualties,' Why He Was 'Far Too Cautious'

Image credit: bfishadow, Flickr

 

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